Longboat Energy PLC (AIM:LBE) announced that the Copernicus exploration well, offshore Norway, was unsuccessful.
The company, in a statement, said the well was "dry" and will now be plugged and abandoned.
The AIM-quoted oil and gas firm held a 10% interest in the well, which was drilled down to a vertical depth of 2,400 metres. Measurements in the well recorded background gas readings but no effective reservoir was encountered.
"Naturally, we are disappointed that the Copernicus well was not a success but we look forward to continuing our fully-funded, gas-focused exploration programme with the results of the Oswig well expected shortly," chief executive Helge Hammer said.
Drilling operations were carried out well within the time schedule and below budget, Longboat noted.